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How can i get a good credit card?

Old 01-11-05, 10:38 PM
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How can i get a good credit card?

I already have a capital one card, but i want one with a higher credit limit. I always paid my amount in full each month and i always use it and i have no late payments, so i guess my credit is good. I'm a college student with a low income job. Where can i go get a good card?

EDIT: I just checked my credit score from Experian and i got a 736.

Last edited by NYSoprano; 01-11-05 at 10:52 PM.
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Old 01-11-05, 10:51 PM
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Does 'good card' mean higher credit limit, lower APR, or both?

Have you tried calling your credit card company and requesting a limit increase?
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Old 01-11-05, 10:56 PM
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I would like both. Before i posted, i called capital one and with the automatic phone machine i requested a limit increase and was denied. That made me go "FUCK you, capital one." After always paying on time they give me the shaft. Anyway, i want a new card.
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Old 01-11-05, 11:04 PM
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As a student and low income job, I think two many credit cards will hurt your credit score. And if your current credit score is bad, and your applications for new credit cards keep getting denied, that will further lower your score. Did capital one actually pulled your credit report? MAybe if you talk to a live person you will have better chance. 736 is pretty dang good. I got a MBNA card when I was in college with $800CL, but they increased automaticaly every few months and now I got $15K!

Maybe you can get try getting those "studnet" credit card. I think Amex and Citi has those, along with other major issuers.

My credit score is less than yours (700s) and I just got approved for a 0% credit card from Chase.
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Old 01-11-05, 11:05 PM
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Is it a student card? I have a student cc that I got back in college and they'll only increase it $300 at a time for a total of $600/year... but my AmEx is a regular Gold Card or whatever and they'll increase it by several thousand when I ask.

In the past when I was trying to get my first cards I would calculate my parents' income and include that when they asked for 'household income.' I don't know if that's what they mean, but it seemed to work.
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Old 01-11-05, 11:11 PM
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I couldn't get a decent card until I was a year out of college. I didn't have any credit cards in college and little credit history. So the only one I could get had a rediculous interest rate and low credit limit. After using it for 6 months to a year always paying it off in full and zero bad credit points, I could get slightly better cards but still not Amex Blue etc. I finally got an Amazon card and that's what I've used ever since (though I have a couple others that I don't use on a regular basis). They've increased my credit limit automatically a couple times and once by request.

Now I have a house and people want to give me all sorts of credit that I don't want. Don't they understand that a house means incredible debt already?

A big question to ask yourself is if you can't get approved for a higher credit limit, why do you want one? Use a debit card so you're not spending money that you don't have. In time, your credit limit will increase and you will be capable of getting better cards, which you will hopefully not accumulate debt on. But in the meantime, a debit card will be much safer and just as convenient, while keeping you within manageable debt, and hopefully none.
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Old 01-11-05, 11:32 PM
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Originally Posted by Thor Simpson
A big question to ask yourself is if you can't get approved for a higher credit limit, why do you want one?
What I was thinking also... Don't tempt yourself, don't get a limit you can't afford to pay off every month. Credit card companies seem to raise your limit to what they think you can afford without even asking...know mine always do and really wish they wouldn't as it leaves you with 'too much' available credit which can be a negative.
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Old 01-12-05, 12:11 AM
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I heard somewhere awhile ago that the average family has over 8000 dollars in CC bills. My advise to you is to forget credit cards and credit all together. Live a life you can afford right now and learn to save some money. Invest that money in some good moderate growth stock mutual funds while all your buddys are running up debt and making all the usual high payments. You will be amazed at the simple thing called compound interest or reinvestment. Sure, all your friends will think you're weird but then I thought most rich people were eccentric. In about 1986 I had a good customer friend of mine give me some advice. He told me to go to the bank and borrow 10,000 dollars and to buy Walmart stock with it. He said that even if Wal Mart went under that I was young enough to recover from a loss that small. I had just bought a new truck and had just gotten married and didn't do what he said. Now 20 years later I wish I would have. I'm not telling you to do anything I haven't done. I didn't buy the walmart but I did save and invest. Although I'm not a rich man I don't have to get up and go to work in the morning. Don't look back in twenty years and say "I wish". Like a man I admire say's "Live like no other so that you may LIVE LIKE NO OTHER".
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Old 01-12-05, 10:42 AM
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You only should be requesting a credit limit increase if you plan on buying something that requires a higher limit. Otherwise, what's the point? A higher limit does no good by itself.

And you're more likely to be approved for a higher limit if you are near the limit on the card already. If you have no balance, you'll almost always be rejected for the higher limit unless you can explain you're going to buy something large and need the higher limit to do it, sort of thing.
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Old 01-12-05, 07:58 PM
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I just got off the phone with a human and they told me that it was not denied and it is under review for the increase. I understand everything about credit cards. I budget my money with Quicken on all my income and expenses, so that i know exactly what's due at the end of the month. I just want a little head room for "incaseshit"
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Old 01-12-05, 10:27 PM
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Apply for every retail card you can get and don't buy too much stuff on them. Just keep them in a sock drawer until a big sale comes up.

If you want a major credit card I would find one that you like and apply online. How long have you had the cap one?
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Old 01-12-05, 10:56 PM
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Originally Posted by Thor Simpson
Use a debit card so you're not spending money that you don't have.
Well, debit cards don't have rewards like cash back and skymiles. I use my credit card for everything, spend a few thousand a month on it, and pay it off at the end of every month. In return, I get a free flights every 2 months. The nice thing about doing it this way is that I also don't care what the rate on the card is. I think mine is real high (upper 20's), but it provides the fastest way to earn points and has no maintenance fee.

If you're financially sound and fiscially responsible enough to pay off your credit card bill each month, credit cards are the way to go.
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